Required Fintech Reading: Oct 20-24

“The bottom line, according to the ICBA, is that Millennials are bringing a new perspective to banking. This generation is keenly aware that they need to better understand finances, place value in banks that help make their dreams a reality, and expect much of the experience to happen directly from their preferred mobile device, and all without carrying much cash.”

“Growth in the millennial smartphone audience is slowing as penetration among mobile phone users in the demographic hits impressive highs. eMarketer estimates that there will be 66.4 million US millennial smartphone users this year, representing 81.2% of mobile phone users in this age group. This total will hit 86.2 million by 2018, when 99.7% of millennials who use mobile phones will have a smartphone.”

“What will ultimately drive the adoption of mobile payments, however, is the customer experience. When consumers are offered a solution that’s more convenient than what they’re currently using, they’ll change.”

“The banks that do get it right and go above and beyond the traditional internet offering, embracing mobile as a legitimate force in the banking industry, are already reaping the benefits. With mobile-first features in play -- like easy, non-intrusive login capabilities, push notifications offering engagement opportunities, and sophisticated, user-oriented design features -- successful mobile banking apps have users checking in almost once a day.”

“The share of online transactions—both bill and nonbill—increased over the two-year period, while the share of payments for services and P2P dropped. The share of retail payments did not change significantly during the 2010–12 period.”